Chief Executive John Stumpf told analysts on canada goose

Wells Fargo profit beats estimates

canada goose outlet online uk mortgage lender, reported a higher than expected 14 percent rise in first quarter net profit, as a series of cost cuts and one time canada goose coats gains helped the bank offset canada goose clearance sale the lowest volume of home loans it made in five and a half years. canada goose outlet online uk

canada goose jacket outlet The Wells Fargo bank branch is seen in Golden, Colorado October 11, 2013. REUTERS/Rick Wilking canada goose jacket outlet

canada goose outlet canada The bank, the canadian goose jacket most profitable in the United States in 2013, has been hurt in recent quarters by declining demand for mortgage refinancing, as lending rates have risen. canada goose outlet canada

Income from mortgage banking fell by 46 percent to $1.5 billion from canada goose the same quarter last year. Wells Fargo new home loans fell by two thirds to $36 billion in the quarter from $109 billion a year earlier, the lowest since the third quarter of 2008, when the canada goose uk black friday housing market was under heavy stress.

canada goose outlet But a series of one time items this quarter helped offset much of the decline in the mortgage business. Wells Fargo recorded $847 million in gains on its equity investments, about 7.5 times the $113 million it earned a year earlier. Overall operating expenses fell 4 percent as it spent less on employee benefits and incentive compensation. canada goose outlet

canada goose factory outlet Another boost to net income came from the bank dipping into funds set aside to cover soured loans, as the housing market and the overall economy stabilized. The bank unicorndesigns.ca released $500 million from these reserves, higher than the $200 million a year ago but less than the $600 million released in the fourth quarter. canada goose factory outlet

canada goose outlet uk Without many of these one time gains, Wells Fargo results would have missed Wall Street estimates, according to Citigroup Inc banking analyst Keith Horowitz. bank by assets, reported Friday profits fell 19 percent from a year earlier thanks to weaker than expected bond trading and mortgage banking revenue. canada goose outlet uk

canada goose black friday sale Wells Fargo shares rose canada goose uk shop 1.5 percent in afternoon trading at $48.41. JPMorgan Chase shares fell 3.3 percent to $55.48. The KBW index of bank stocks was down nearly 1 percent. canada goose black friday sale

canada goose outlet jackets Net income for Wells Fargo common shareholders rose to $5.60 billion, or $1.05 per share, in the quarter, from $4.93 billion, or 92 cents per share, a year earlier. canada goose outlet jackets

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canada goose outlet new york city DIFFERENT COMPLEXION Chief Financial Officer Tim Sloan told Reuters that being able to benefit from occasionally outsized equity gains and tax benefits spoke to the strength of being a diversified institution with many distinct business lines. canada goose outlet new york city

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There were some indications in Wells Fargo results that mortgage banking might be rising out of the doldrums. The bank had $27 billion of mortgage applications in the pipeline at the end of the quarter, up slightly from $25 billion at Canada Goose Parka the end of the fourth quarter. Chief Executive John Stumpf told analysts on canada goose store a conference call that housing recovery remained on track and should benefit from the spring buying season.

canada goose canada goose black friday sale outlet nyc Wells Fargo loan book also showed signs of life. Total lending rose 4 percent to $826.4 billion thanks to a 7 percent increase in commercial and industrial loans and an 11 percent increase in auto loans since the first quarter of 2013. canada goose outlet nyc

official canada goose outlet At the same time, the company is experiencing historically low loan losses. Its net charge cheap canada goose uk off Canada Goose Outlet rate was 0.41 percent in the latest quarter, versus 0.72 percent a year ago. It lost a mere $5 Canada Goose sale million on its $381.3 billion commercial loan portfolio. official canada goose outlet

canada goose outlet store Total revenue fell 3 percent to $20.6 billion from $21.3 billion a year earlier. Between $120 million and $130 million of that decline could be attributed to the first quarter having two fewer days, Sloan told analysts on the conference call. canada goose outlet store

canada goose outlet toronto factory Wells Fargo net interest margin, a uk canada goose outlet measure of the profitability of Canada Goose Outlet its loans, fell to 3.2 percent from 3.49 percent a year earlier and 3.27 percent in the fourth quarter. canada goose outlet toronto factory

canada goose outlet reviews The bank received regulatory approval in March to increase its quarterly dividend to 35 cents from 30 cents and to repurchase an additional $17 billion of stock, or about 6.5 percent of the total outstanding. canada goose outlet reviews

Reporting by Anil D’Silva in Bangalore and Peter Rudegeair in New York; Editing by Ted Kerr and Nick Zieminski.